Saudi non-life insurance market: forecast 2024-2028

insurance marketAccording to GlobalData's forecasts, Saudi insurers are expected to record a five-year average annual increase of 5.2% in turnover. The latter would increase from 68.3 billion SAR (18.2 billion USD) in 2024 to 83.7 billion SAR (22.3 billion USD) in 2028.

The sector's growth would be supported by favourable regulatory developments, rising construction activity and increased vehicle marketing.

The non-life market is dominated by Personal Accident and Health (PA&H) insurance, which accounted for 63.2% of the premiums written in Saudi Arabia in 2023. The latter is followed by motor and property insurance with market shares of 23.1% and 9.1% respectively.

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